Toyota
Toyota Motor Company shares jumped by about 5 percent, after the company announced a doubling of its quarterly profits, thanks to the weakness of the Japanese yen and strong sales. The Japanese automaker also raised its expectations for the full year by 50 percent.
The world’s best-selling automaker said that its operating profits for the three months until the end of September rose by 155.6 percent compared to the same period of the previous year, reaching 1.44 trillion yen (about $9.52 billion), compared to expectations of 1.08 trillion yen in a survey that included 10. Analysts conducted by LSEG.
The Japanese automaker said it sold more cars in all regions of the world, including the United States, Asia and its home market, in the six months to the end of September than in the same period a year earlier.
Toyota raised its full-year profit forecast to 4.5 trillion yen (about $30 billion) from 3 trillion yen ($19.8 billion), largely due to positive effects of foreign exchange rates. The company expects the weak yen to contribute about 1.18 trillion yen to the review of full-year earnings.
She explained that additional support from cost reductions, marketing efforts and price reviews, especially outside Japan, is likely to offset the higher expected expenses.
These new company forecasts come close to the average analyst forecast of 4.0 trillion yen.
Last June, Toyota revealed a comprehensive revamp of its battery-powered vehicle strategy and committed to technologies to improve driving range and reduce the costs of electric cars.
It said overnight it would boost investment by $8 billion in a North Carolina plant that will produce batteries for hybrid, plug-in hybrid and full-battery vehicles.
In the first nine months of the year, it sold 7.5 million cars, including the luxury brand Lexus, about a third of which were hybrid cars. It sold about 76,000 battery electric cars, or about 1 percent of total sales, during the same period.
Corporate news
2023-11-01 06:39:26
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